 |
Lock in savings now before June 1 rate increase! |
 |
Watsco, Inc. (NYSE:WSO) (PARIS:WSO), Miami, FL, sales for the third quarter ended Sept. 30, 2011, were up 12 percent to $914 million, including $76 million of sales added by new locations. Same-store sales improved 4 percent, reflecting a 5 percent increase in air conditioning and heating (HVAC) equipment, a 1 percent increase in other HVAC products, and a 4 percent increase in commercial refrigeration products.
| We
Deliver Distribution News to Your Inbox Sign up below to receive MDM Update, your free weekly distribution news update by email. |
Profit for the quarter was $34 million.
Albert Nahmad, president, said: "Strong replacement HVAC equipment unit growth, increased sales of commercial products, effective management of SG&A expenses and good performance at our new locations all combined to enhance margins and produce record earnings per share. We are focused on overcoming short-term economic challenges by growing market share, reducing operating costs and generating cash flow. For the long-term, we remain very positive about our fundamentals - a movement towards higher-efficiency HVAC systems, ever-improving efficiency of our operations and strategic use of our balance sheet to grow our business."
Results from new locations include 35 locations from joint ventures formed in 2011 with Carrier Corp. in the northeast U.S. and Mexico. Watsco owns 60 percent of the joint ventures and Carrier owns 40 percent. The locations had combined revenues of $285 million in 2010.
In the first nine months, revenues increased 7 percent to a record $2.3 billion and include $126 million of sales from new locations. Same-store sales increased 2 percent, reflecting flat sales of HVAC equipment (60 percent of sales), a 1 percent increase in other HVAC products (33 percent of sales) and a 9% increase in commercial refrigeration products (7 percent of sales). Profit was $77 million.
 |
 Download
the Top 40 Industrial List -FREE |
| View the Top Distributors in 12 Sectors: | |
| 2011 Distribution Landscape Report: Access Now | |
Join MDM's Independent Distributor
Network 
Follow MDM on Twitter
 Critical Profit Driversin Distribution Al Bates, Profit Planning Group, speaks frankly about the most important factors to driving profit. Watch now. iPad users: click here to view. |
 Economic Update:Behind the Moderation MAPI Economist Cliff Waldman discusses some of the factors behind the slowing economic recovery. Watch now. |
 7 Minutes With ...Bell Electrical Supply CEO Burt Schraga discusses the importance of building a strong culture in his organization. Watch now. |
More Audio and Video Features from MDM: |
Think About It: |
|
Training Resources
 |
 |
 |
 |
|||
|
Featured Article: What AmazonSupply.com Means for Independent Distributors $34.95 |
Inventory Management Best Practices with Jon Schreibfeder: DVD + Book $119.00 |
The State of E-Commerce and Catalogs in Distribution $44.95 |
Benchmarks & Best Practices: The Answer Book for Growth-Minded CFOs & Controllers $249.00 |
| Title | Company | Location |
|---|---|---|
| Digital Strategy Manager | Border States Electric | Fargo North Dakota |
| Risk Manager | Border States Electric | Fargo ND |
| Purchasing Manager | PCA SKIN | Scottsdale, AZ |
| BUSINESS DEVELOPMENT MANAGER | Graybar Electric Company | Denver, CO |
| INDUSTRIAL OUTSIDE SALES REPRESENTATIVE | Graybar Electric Company | Phoenix, AZ |
| General Manager | Applied Industrial Technologies | Norfolk, VA |
| Rubber Specialist | Applied Industrial Technologies | Baltimore, MD |
| View ALL Wholesale Distribution Job Listings |
|
|
 |
|
|
|
 |
Leave a Comment